Savoy Apartments

Address

5500 Sampson Street, Houston, TX 77004

Size

180 Apartments

Acquisition Type

Real Estate

Status

Successful Exit

Description

Built in 2001 the 144,000-square-foot, 180 unit class “A” apartment complex is located in close proximity to Texas Southern University and University of Houston.

Value Added By Interwest

Interwest acquired this class “A” traditional multifamily property from a troubled TIC ownership in October of 2012. The property was repositioned through renovation and management to a classic student housing property that was leased by the bed. During the hold period, Interwest negotiated with Texas Southern University to master lease a portion of the community and NOI growth over the 3.5-year hold was 15%.

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